PUBLISHER: Grand View Research | PRODUCT CODE: 1363439
PUBLISHER: Grand View Research | PRODUCT CODE: 1363439
The global ethyl acetate market size is expected to reach USD 9.29 billion by 2030, registering a CAGR of 6.8% from 2023 to 2030, as per the new report by Grand View Research, Inc.. The industry growth is majorly driven by the increasing production of sustainable packaging products like flexible packaging due to the growing environmental concerns, which, in turn, is predicted to fuel the demand for solvent-based printing inks from the packaging industry during the forecast period.The demand for ethyl acetate solvents is on the rise globally, driven by their increasing utilization in diverse industries including paints & coatings, adhesives, inks, pharmaceuticals, and others.
The product is incorporated into coating formulations, such as acrylics, urethanes, and epoxies, and applied on various surfaces like fixtures, wooden furniture, and mining equipment. These coatings also find usage in construction, agriculture, marine, and auto refinishing applications. One of its primary uses lies in enhancing flavors in various food and beverage items, including coffee, tea, and confectioneries. Due to its pleasant aroma, it is also used to impart fruity notes to chewing gum, baked goods, candies, and other products. In the pharmaceutical domain, solvent extraction benefits from its adaptability to process heat-sensitive substances and overall versatility. Consequently, considering both environmental considerations and human safety, the product is expected to have substantial utilization for solvent extraction within the pharmaceutical industry.